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Answers (7)
- sunnyview
- Contributions:25139
Sounds like things are going great PickleJuice! Keep it up and your scores will be up in no time. You might want to call your credit card companies and ask for credit line increases periodically to make you credit ratios look even better. There are other tips here from MSN and MyFico has good tips here too.
- PickleJuice
- Contributions:2
Just wanted to say thanks for the tips! One of the reasons for such low scores was due to no/too few credit cards, who knew! My husband and I have since opened up a few lines of credit and are already seeing a big increase in our scores, current middle scores for both are 592 and 638... getting closer :)
- Derek Shaw, "shawderek"
- Contributions:40
You could contact a credit restoration company to help you. There are very many bad ones out there and very few good ones. Each person is an expert in their own field. Rather than doing a mediocre job for something so important such as a house, I would contact the experts and see what can be done.
Opening up the credit cards will definitely help you build some revolving which is great. It typically takes about 30-60 days for the credit card to start reporting to the credit bureaus.
Let me know if you have any questions.
Opening up the credit cards will definitely help you build some revolving which is great. It typically takes about 30-60 days for the credit card to start reporting to the credit bureaus.
Let me know if you have any questions.
- sunnyview
- Contributions:25139
You do not need to pay anyone to "fix" your credit. No company can remove negatives from your credit that you cannot remove your self for free. Learn how to improve your credit yourself and save that money for the house you buy.
- Willie Craig Jr, "WillieCraigJr"
- Contributions:38
Credit counseling is an option. That generally takes longer to fix the issue which is your credit rating. However, it works wonders for explaining how you got there and not to get there again. Nice link, Nelson.
Meanwhile another option is credit repair. This deals with fixing issues with your credit report. A 'rapid rescore' can be completed. This allows the changes to take days rather than months. Check out both. BTW. there is usually a cost with credit repair, not the case with this particular credit counseling. Speak with each, and ask them the same that you asked here. Then your decision will come to time vs money.
Meanwhile another option is credit repair. This deals with fixing issues with your credit report. A 'rapid rescore' can be completed. This allows the changes to take days rather than months. Check out both. BTW. there is usually a cost with credit repair, not the case with this particular credit counseling. Speak with each, and ask them the same that you asked here. Then your decision will come to time vs money.
- Nelson Bayne, "StCasimirsSavingsBan"
- Contributions:39
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm I am going to send you in a slightly different direction: Get a GREAT housing counselor from HUD - a Free service also - Work within their guidelines and find out whether in you community their are any housing programs which will help. But lets look into housing counseling - They will guide you - one step at a time. I would not open any new accounts - because each time you do their is an infamous credit inquiry which will negatively impact your credit score. Non-profit - (no cost) guideance is the ticket. Yes time will heal and I hope your health improves and stays stable. There is another issue which will cause you qualification grief - the dreaded mortgage insurer. As your credit score improves you will be able to qualify for lower downpayment programs. By the way - many community banks have home which they are trying to sell - they have taken back in adverse possession. The community bank is a 'manual' underwriting group and many be able to see through your credit and find merit in underwiting your loan. Good luck.
- David Widlund
- Contributions:204
We probably need a little more info to figure this one out. Time will heal the damage from collections, and many loan programs will forgive medical collections. Do you have any positive lines of credit? This might take a year or so but if we had more details we might be able to be more specific.
1st thing: get current on everything, you won't start seeing a score increase until some time has passed from the date you paid off the collections.
2nd thing: stay current on everything
3rd thing; open 3 or 4 accounts as you're able to qualify
4th thing: keep you balances low and ask for regular credit line increases
5th thing: Don't close any positive accounts. It kills your history.
If you want a more detailed analysis, get with one of the loan officers here who have experience with helping people with credit. I think many of us would be willing to look at your unique situation and give you a clear road map to be credit approved for a home purchase.
Good luck!
1st thing: get current on everything, you won't start seeing a score increase until some time has passed from the date you paid off the collections.
2nd thing: stay current on everything
3rd thing; open 3 or 4 accounts as you're able to qualify
4th thing: keep you balances low and ask for regular credit line increases
5th thing: Don't close any positive accounts. It kills your history.
If you want a more detailed analysis, get with one of the loan officers here who have experience with helping people with credit. I think many of us would be willing to look at your unique situation and give you a clear road map to be credit approved for a home purchase.
Good luck!
Poor credit, good income... how can we qualify?
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